Robinhood Touts $3,000 in Annual Advantages for New Platinum Credit score Card – Cyber Tech

Robinhood is again within the information with one other “splash” headline within the bank card area.

The favored (and generally controversial) fintech firm made waves when it unveiled the limitless 3% money again Robinhood Gold Card to compete with the highest money again bank cards in the marketplace.

However they’ve upped the ante with their follow-up bank card product: The Robinhood Platinum Card.

The promise is lofty: Greater than $3,000 in annual worth for cardholders who’re prepared to pay the hefty $695 annual charge.

That is an try and compete with a number of the hottest journey bank cards in the marketplace.

Will they provide sufficient to win in opposition to a number of the longstanding journey card leaders? Let’s check out the small print.

Robinhood Platinum Card is obtainable by Robinhood Credit score, Inc., and is issued by Coastal Neighborhood Financial institution, Member FDIC.

6 Issues To Know Concerning the Robinhood Platinum Card

Listed here are a number of the particulars on this new premium bank card, which is simply out there to pick out clients presently.

1. It’s Really Platinum and It’s Very Unique

Some playing cards name themselves “platinum” to sound unique, however Robinhood is definitely making their playing cards with platinum so cardholders can really feel it.

The Robinhood Platinum Card is made with 99.9% pure platinum plating.

And whereas that sounds and appears cool, you’ll be able to’t simply hand over your $695 to get one in your pockets.

Robinhood says this card is “coming quickly” for most of the people, however is limiting it to invite-only presently.

You may request entry to the invite record by submitting your electronic mail deal with right here. When you hear again from them, you’d nonetheless want to use for the cardboard and await approval.

This “invite record solely” technique is much like how Robinhood rolled out its Gold card. Some individuals famous that they waited greater than a yr to listen to from Robinhood whereas on that record, so you should be ready to be affected person with this one.

2. Right here’s How They’re Calculating $3,000 in Annual Advantages

Okay, let’s get all the way down to enterprise. When a bank card claims to supply greater than $3,000 in annual advantages, I need to see particulars on simply how sensible a few of these perks are for the typical shopper.

To their credit score, Robinhood lays all of it on the market in a single graphic:

As you might have anticipated, it’s a combination of card advantages (like lounge entry), assertion credit score alternatives, and brand-specific “couponing” perks like lots of its rivals provide.

For instance, that restaurant credit score perk breaks all the way down to $20 per 30 days if used at permitted eating places (with a bonus $10 for December).

Others are brand-specific memberships, like DoorDash and Oura. You may even get some health-related membership with this card, which I discovered distinctive when in comparison with different playing cards in the marketplace.

However let’s take a more in-depth take a look at the journey and resort credit. These alone may cowl the annual charge in the event you meet the factors:

$300 Annual Journey Assertion Credit score

“Eligible cardholders will obtain as much as $300 in annual assertion credit for eligible journey purchases made with their Robinhood Platinum Card. If relevant, credit score is disbursed as $150 each six (6) months. Eligible transactions embody rideshare companies, resort fees, flights, and different travel-related purchases. Transactions don’t must be booked by way of the Robinhood journey portal to be eligible. Credit put up robotically to qualifying fees as soon as transaction is posted. If an eligible transaction is refunded, the credit score is reversed. Credit score won’t be reapplied until it’s nonetheless inside eligible time-frame. Unused credit might be forfeited and don’t rollover.“

$500 Lodge Reserving Credit by way of Robinhood Journey Portal

“Eligible cardholders will obtain as much as $250 in assertion credit for qualifying luxurious resort bookings per six-month interval, with the choice to make use of as much as $100 of that credit score towards customary resort bookings. Qualifying accommodations are recognized within the App and have to be booked by way of the Robinhood journey portal. Minimal two-night keep required.“

3. Right here’s What the Rewards Construction Appears to be like Like

• 5% money again on eating (first $50,000 per yr, then drops to 1%)
• 5% on flights
• 10% on accommodations and rental vehicles booked by way of the Robinhood journey portal
• 1% on every thing else

Factors earned are redeemed as money again right into a Robinhood brokerage account, so that you’ll want one to make use of the cardboard successfully.

4. It Has Good Journey Perks, Together with Airport Lounge Entry

Included within the $3,000 price of annual advantages for cardholders are some fairly good journey perks. These embody:

• Precedence Cross Choose membership (valued at $469 per yr): This offers you airport lounge entry in additional than 1,800 airports worldwide. You may learn extra about it right here.
• International Entry/TSA PreCheck credit score: $120 assertion credit score as soon as each 4 years when software charges for International Entry or TSA PreCheck are charged to your card.
• No overseas transaction charges.

5. It Has No Welcome Bonus Supply

It is a big miss for such a bank card.

Opponents within the high-end journey bank card market are recognized to supply welcome bonuses that may be price properly over $500. Typically they even method $1,500 in the event you catch the precise provide.

Whereas a variety of what this card gives sounds fairly good, I’m shocked they’re not even trying a welcome provide.

6. A Robinhood Gold Membership Comes with the Card

“Eligible cardholders will obtain a complimentary Robinhood Gold membership offering entry to premium investing instruments and options.”

Group Clark has an intensive overview of the professionals and cons of this program right here.

Are you curious about signing up for this card? We’d love to listen to your ideas within the Clark.com neighborhood.

All details about the Robinhood Gold Card and Robinhood Platinum Card has been collected independently by Clark Howard, Inc. and has not been reviewed or supplied by the issuer or supplier of this services or products.